A Penis Possessor is a person (doesn't have to be male because we respect the LGBTQ+ community) who possesses a penis. Any person who has a penis, is a penis possessor.
"Oh em gee look at those penis-possessors, so lucky. They don't get periods."
"Damn, those Penis-Possessors needs to complete the homework otherwise the penis-possessing teacher will whoop his ass."